GIVA raises Rs 270 Cr in a Premji Invest-led Series B round
Jewelry startup GIVA has successfully raised Rs 270 crore ($33 million approximately) in a Series B funding round. The funding was led by Premji Invest, the investment arm of Wipro Chairman Azim Premji‘s family office, with participation from existing investors such as Aditya Birla Ventures, Alteria Capital, and A91 partners.
In addition to equity investment, the Series B round also included a secondary component that allowed for partial exits for some of GIVA’s existing backers. Notable investors who have been involved in the company’s growth journey, such as Kunal Shah and First Cheque, took advantage of this opportunity to realize returns on their investments.
The successful funding round is a testament to the growing confidence and interest in GIVA’s business model and potential. The company has positioned itself as a disruptive player in the jewelry market by offering a wide range of high-quality and affordable jewelry through its online platform. GIVA’s unique approach combines traditional craftsmanship with modern technology, allowing customers to conveniently browse and purchase jewelry from the comfort of their homes.
The funding secured in the Series B round will be instrumental in driving GIVA’s growth and expansion plans. The company aims to utilize the capital infusion to strengthen its brand presence, enhance its product offerings, and invest in marketing and customer acquisition initiatives. The funds will also support GIVA’s efforts to improve its technological infrastructure, supply chain capabilities, and customer service experience.
The participation of esteemed investors like Premji Invest further validates GIVA’s potential and growth prospects. Premji Invest is known for backing promising startups across various sectors, and their involvement adds credibility and expertise to GIVA’s journey.
GIVA has been gaining traction in the jewelry market by offering contemporary and affordable designs that appeal to a wide range of customers. The company’s focus on quality, transparency, and customer satisfaction has helped it build a loyal customer base and establish a strong brand presence.
With the successful completion of the Series B funding round, GIVA is well-positioned to strengthen its market position and accelerate its growth trajectory. The company’s ability to secure significant funding, coupled with its innovative business model and customer-centric approach, sets the stage for further expansion and success in the competitive jewelry industry.
Overall, the Rs 270 crore funding raised by GIVA in its Series B round, led by Premji Invest and with participation from existing investors, marks a significant milestone in the company’s growth journey. The infusion of capital will fuel GIVA’s expansion plans, enabling it to enhance its product offerings, improve its technological capabilities, and solidify its position as a leading player in the jewelry market.
GIVA, a jewelry startup, has outlined its plans for utilizing the funds raised in the Series B funding round. The company aims to leverage the capital to expand its omnichannel presence and solidify its position as the preferred platform for minimalistic jewelry and affordable gifting options.
Established in 2019, GIVA has gained recognition for its offerings of certified and curated silver jewelry. The company distinguishes itself by providing a lifetime replating service and a 6-month warranty on its products, ensuring long-lasting quality and customer satisfaction. GIVA prides itself on collaborating with leading designers from around the world and consistently introduces over 250 new designs each month.
With the fresh infusion of funds, GIVA plans to enhance its presence across multiple channels, including online and offline platforms. Expanding its omnichannel strategy will enable the company to reach a wider customer base and cater to the evolving preferences of jewelry enthusiasts. By combining the convenience of online shopping with the tactile experience of in-store visits, GIVA aims to offer a seamless and personalized customer journey.
Furthermore, GIVA seeks to consolidate its position as a go-to destination for minimalistic jewelry and affordable gifting options. The company’s focus on contemporary designs, quality craftsmanship, and competitive pricing has resonated with customers seeking elegant and accessible jewelry choices. GIVA’s commitment to providing a lifetime replating service and warranty adds value and reinforces its dedication to customer satisfaction.
To maintain its reputation for innovation and fresh designs, GIVA plans to continue collaborating with renowned designers worldwide. By consistently introducing new designs, the company ensures a diverse and exciting product range that caters to various tastes and preferences.
Overall, GIVA’s strategy to expand its omnichannel presence and consolidate its position as a leader in minimalistic jewelry and affordable gifting aligns with its goal of delivering high-quality, contemporary designs to customers. The capital raised in the Series B funding round will support these growth initiatives, enabling GIVA to further establish its brand, reach a wider audience, and reinforce its commitment to customer-centric offerings in the competitive jewelry market.
GIVA, a Bengaluru-based jewelry startup, specializes in authentic 925 fine silver jewelry and has recently expanded its offerings to include 14K and 18K gold and lab-grown diamond jewelry. With over 50 stores across India, the company has established a strong retail presence and aims to further expand its footprint over the next five years.
In 2023, GIVA has secured its second round of investment. In March, the company raised $4.8 million in debt, bringing the total funds raised to date to $50 million. Notable investors in GIVA include Anicut, India Quotient, and Kunal Bahl.
The company previously closed a Series A funding round in January of the previous year, raising $10 million. The round was led by Sixth Sense Ventures and A91 Partners, signaling investor confidence in GIVA’s business model and growth potential.
Although GIVA’s annual financial statements for FY23 are yet to be filed, the company projects significant revenue growth. It expects its revenue to more than double from Rs 84.6 crore in FY22 to Rs 170 crore in FY23. Currently, GIVA operates at an annualized run rate of Rs 220 crore, highlighting its strong revenue trajectory.
In the competitive landscape of the jewelry market, GIVA faces competition from established players. Caratlane, backed by Tata, claims to have crossed the impressive revenue mark of Rs 2,000 crore in FY23. Another competitor, BlueStone, reported revenue of Rs 461 crore in FY22, although its FY23 financials have not been disclosed yet.
GIVA’s growth projections and its ability to secure substantial funding reflect the company’s promising position in the jewelry market. As it expands its product offerings, strengthens its retail presence, and continues to innovate, GIVA aims to establish itself as a prominent player in the industry, catering to the evolving preferences of customers across India.
